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US Oil Rig Count Rises But “Must Drop 150 For Oil Markets To Balance”

US Oil Rig Count Rises But “Must Drop 150 For Oil Markets To Balance”

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After falling for the first time this year last week, Baker Hughes reports US oil rig count rose once again (as perhaps Cindy impacted drilling last week) for the 23rd week in the last 24.

*U.S. TOTAL RIG COUNT UP 12 TO 952 , BAKER HUGHES SAYS :BHI US
*U.S. OIL RIG COUNT UP 7 TO 763 , BAKER HUGHES SAYS :BHI US
*U.S. GAS RIG COUNT UP 5 TO 189 , BAKER HUGHES SAYS :BHI US

This week saw a resurgence in US crude production (as Cindy’s effects wear off)…This is the highest Lower 48 production since Aug 2015…

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